Title Issues And The Differences Between Short Sale And Foreclosure

Posted on Feb 29, 2012 in Modesto Short Sale Help | 0 comments

Hello this is Saul Carter with Other’s Realty in Modesto. We are your short sale expert for this area and I encourage you to get in touch with us if you are struggling to pay your mortgage or are sick of being underwater on your home. I wanted to talk today about title differences between a foreclosure and a short sale.

This doesn’t necessarily affect the seller other than at the end of the transaction, some of these things may come up at the end of a short sale. If you have multiple liens on your short sale, they will show up in title, but they’ll get resolved otherwise we can’t close the short sale. For a seller, if you know you have extra liens on your property, please let me know ahead of time because it’s easier to get them taken care of at the beginning rather than at the end of the escrow.

From a buyer’s standpoint, short sales are much better. They take some patience but the difference between foreclosure and a short sale as far as the title is concerned is this: there are fewer clouds on title with a short sale than there are with a foreclosure. Effectively a short sale ends up being a very conventional closing and there has been no upheaval as far as concerns with clouds on title and no concerns with recording because it’s all taken care of in a much more conventional way. With a foreclosure there is a lot more paperwork and potential for error. I’m sure you’ve heard recently that the banks have to pay the government $25 billion because of all these problems with foreclosures and how they were handling them. This is because there is so much more involved in the process.

If you are looking for a house or want to short sell your house, please give us a call or fill out the getting started form on our website if you have any further questions.

Will Your Security Clearance Effect Your Foreclosure Or Short Sale Options

Posted on Feb 22, 2012 in Modesto Short Sale Help | 0 comments

Hello everyone Saul Carter here with Others Realty, your short sale expert in the Modesto area, thank you for checking out my blog today. Our team is dedicated to helping homeowners avoid foreclosure and I use my blog to educate those some homeowners on the short sale process. If you are behind on your mortgage or already considering a short sale please visit my website or contact me directly to discuss your options today.

For my blog today I wanted to discuss the unique situation of dealing with security clearance due to a clients profession during the short sale process. If you are in the military or a certain rank of police officer you are simply not allowed to have a foreclosure in your past. Having closed a lot of short sales around Modesto I have had clients who were policemen, detectives, or federal workers and were unable to have a foreclosure on their background check. These individuals would put their careers in jeopardy if they were to file for foreclosure and thankfully their lenders understood the importance of the situation. While the matter of security clearance does not qualify as a hardship, explaining to the lender that the short sale is in both parties best interest, for more than one reason, can serve to resolve any differences.

If you have any questions on the short sale process or need to sell your distressed property quickly please give me a call to discuss your options. If you would like more information on how a short sale works stop by my website and browse my past blogs to get educated. Thank you for your time today and I look forward to hearing from you soon at Others Realty, where we do real estate the others way.

Information About Cooperative Short Sales

Posted on Feb 17, 2012 in Modesto Short Sale Help | 1 comment

Hi, I’m Saul Carter here with Others Realty. We are one of Modesto’s leading short sale teams. I wanted to talk about cooperative short sales today. I’ve had a couple of clients in the past few months come to me and say they had this agent contact them on behalf of their bank, whether it’s Bank of America or GMAC or other banks as well. They want to do a short sale and they’re being prompted by the bank. It’s all well and good, the agents truthfully they’re trying to get more business and if they can get referrals from banks, more power to them. I have one issue with that though, there’s a bit of a conflict of interest. If I am getting all my business from a bank, and I’m in the middle of a short sale negotiation, and I know that I will not receive any more business from that bank if I don’t make sure that I keep them happy, who am I really representing? Am I representing the seller or am I representing the bank?

Now legally I have a fiduciary responsibility to the seller, which means I have to act in the seller’s best interest in all things. I do not have a fiduciary responsibility to the bank unless of course I have established one through some sort of contract. Either way, that is a huge conflict of interest and I don’t think that you can really represent your seller appropriately and by law if for some reason you have some sort of hidden and or disclosed relationship with the bank that is giving you referrals for cooperative short sales.

There are other problems with it, but that’s really the biggest one. So, for all those people out there who have been contacted by an agent, that says they represent Bank of America and they want to do a short sale, be weary of that. It doesn’t mean that that person is not a good person and can’t do a good job of representing you, just understand that they are coming from a place where they have a conflict of interest. When push comes to shove, who are they really going to represent? Here’s to doing short sales the Others way, where we are one of Modesto’s leading short sale teams. If you have any questions on any of this, feel free to give us a call at one of the local numbers here or fill out the getting started form. Talk to you soon. Thanks.

Regardless Where You Live In California We Want To Help With Your Short Sale

Posted on Feb 9, 2012 in FAQs, Modesto Short Sale Help | 0 comments

Hello everyone my name is Saul Carter with Others Realty, your short sale specialist in the Modesto area. My team and I specialize in short sales within the Modesto region and I use my blog to pass along valuable information to help homeowners avoid foreclosure. If my blog is helpful today, or if you are already considering a short sale, take a minute to browse my website for more information or contact me directly to discuss your options.

For my blog topic today I wanted to talk about working on short sales in different parts of Modesto. I started doing short sales in the central valley of Modesto and it is certainly a very depressed region. This is mainly due to a lack of jobs and high unemployment which are two key reasons for a short sale. Lately I have also been working on short sales in the bay area as well. Short sales are not all that common in the bay area right now and I ran across a lot of agents who didn’t have much of any experience working on them. While home prices and the economy are doing better in the bay area the lack of knowledge can certainly hurt your chances of getting a short sale approval. Our team has handled short sales ranging between thirty thousand dollars and six hundred thousand dollars & are willing to help any homeowners in need.

Whether you live in the central valley or in the bay area make sure your short sale agent has the experience needed to get your deficiencies waived and the best price for your home. If you have any questions or want to get started on a short sale file please give me a call to set up a free consultation. Thank you for your time today and I look forward to hearing from you soon at Others Realty of Modesto.

Complete a Short Sale and Get a $20,000 Seller Credit

Posted on Feb 7, 2012 in FAQs, Modesto Short Sale Help | 0 comments

Hi, I’m Saul Carter here with Others Realty, one of Modesto’s leading short sale teams. I wanted to talk today about something that Chase is doing. It’s actually kind of weird but we have a short sale that we’ve been working on. The original offer was $179,000 and I originally had the property listed up in the $205,000 range by the time I actually got any offers whatsoever, I had it down to $175,000. I got an offer from an investor at $179,000. Over the course of literally four months of negotiating back and forth, Chase seems to believe that the value is at $224,000 and I couldn’t find anyone who was willing to pay over $179,000 when we first got it done. But this buyer was really engaged, they were willing to help out the seller, they understand and he’s a doctor and he’s got some cash or whatever. Over the course of an extra two months of negotiating, we actually got them down to $204,000 and got the buyer up to $204,000.

Well, when we got the approval letter sent over to us and there is a $20,000 seller credit in there, which I’m not sure how I’m going to explain that to the buyer and the buyer’s agent, but basically Chase has decided that this particular home fits into some category where they need to do something because maybe they feel like they have done something wrong or I’m not really sure why, but they have basically decided that they are going to give my seller $20,000 to close. It’s a short sale and she owes $450,000 and they’re selling it for $204,000.

So, anyway if you’ve got a Chase home loan out there and you need to do a short sale, I have no idea what the categories are, we are trying to investigate exactly how this property qualified for a $20,000 seller credit. When we figure that out, there will be another video and I’ll let you guys know. In the meantime, if you need to get a short sale done, we have the strategies to get it done and we will maybe even help get you $20,000. Anyway, here’s to doing short sales the Others way where we are Modesto’s leading short sale team. Give us a call today or fill out the getting started form and I will talk to you soon. Thanks, bye.